Congress passes tax extender legislation

The Senate passed a bill to retroactively extend more than 50 expired tax provisions through 2014, by a vote of 76–16 on Tuesday evening. The extender bill passed the House of Representatives on Dec. 3, and it now goes to President Barack Obama for his signature. The Joint Committee on Taxation estimates that the one-year extension of the expired provisions will cost the government almost $42 billion in lost revenue over 10 years. Read more on the Journal of Accountancy.